Hyperion Materials & Technologies to acquire Damen Carbide Tool Co. in Asset Transaction
WORTHINGTON, Ohio — Hyperion Materials & Technologies, a leading global materials science company that develops advanced hard and super-hard materials for a variety of industries and applications, today announced it has entered into a definitive agreement to acquire the operations of Damen Carbide Tool Co., Inc, (“Damen Carbide”). Damen Carbide is a Wood Dale, Illinois-based company that specializes in grinding and EDM finishing of carbide and ceramic components. Damen Carbide also develop tools for metal packaging, slitting, sawing and a wide variety of general industrial applications. Damen Carbide’s core competencies and manufacturing capacity, backed by with decades of manufacturing expertise, will be a significant addition to the Precision Solutions by Hyperion business.
“As we continue to grow our capabilities in carbide component manufacturing, the addition of the Damen Carbide operations expands our range of abilities to tailor custom parts to our customers’ requirements,” said Ron Voigt, Chief Executive Officer of Hyperion. “Their expertise in the forming of carbide, ceramic and steel, paired with their focus on quality, positions them to be a key part of our team going forward.”
Since 1948, the dedicated team at Damen Carbide has built a reputation for providing high-quality finished components and wear parts, with a focus on quality, service, and delivery.
“We look forward to integrating our precision manufacturing capabilities and expertise into the Hyperion Materials & Technologies family of companies,” said John Bachmeier, President of Damen Carbide. “We pride ourselves on developing custom parts, tailored to the needs and demands our customers require, and we see clear synergies between our goals and the business of Hyperion’s Precision Solutions brand.”
In addition to serving its existing customers, the Damen Carbide operations will become a vital part of the Precision Solutions by Hyperion® business unit that provides custom solutions and components for the most demanding applications. Precision Solutions includes Hyperion’s global facilities and maximizes the collective strength of additional world-class manufacturers Crafts Technology, GLE Precision, Aggressive Grinding Service (AGS), Dura-Metal and the recently acquired operations of Prism Technologies to provide specialized finishing capabilities for tailored, high-quality wear components.
Key business leaders at Damen will remain in place, and report into the Hyperion organization. This transaction is expected to close early in August, subject to the completion of customary closing conditions.
